On February 9th, Changhong Energy (836239), which was suspended from trading on the 17th due to planning a major asset restructuring or issuing shares to purchase assets, released the latest development. The board of directors held on February 7th examined and passed the "motion on the company issuing shares and paying cash to purchase assets and raise supporting funds and related party transactions" and other matters. According to the relevant regulations, after applying to the Beijing Stock Exchange, the shares of the company resumed trading on February 10th.
According to the rights issue plan, Changhong Energy plans to issue shares and pay cash at a price of 94.84 yuan per share to buy the remaining 33.17% stake in the subsidiary Changhong Sanjie. After the completion of this transaction, the company will hold a 100% stake in Changhong Sanjie.
According to reports, Changhong Sanjie is mainly responsible for the lithium electricity plate business of Changhong Energy, mainly engaged in the research and development, design, production and sales of lithium-ion batteries, and its products are mainly used in power tools, garden tools, vacuum cleaners, smart homes and so on. As of February 8, Sanjie Changhong has established manufacturing bases for high-rate cylindrical lithium-ion batteries in Taixing and Mianyang, leading the industry in production scale. With the production and operation of Changhong Jiechuang, the lithium production base of Changhong Sanjie in Mianyang, Sichuan Province will meet the broader market demand.
In terms of product performance, Changhong Sanjie is a lithium power production enterprise that determined the ternary system earlier in China. It has been ploughed for many years and has rich experience and technology. The high-rate lithium-ion battery designed and produced by Sanjie Changhong has a certain leading advantage compared with similar domestic manufacturers in charge and discharge rate, high-rate temperature rise control, cycle life and consistency. South Korean batteries also have a better performance in terms of cycle performance.
In terms of technology, Changhong Sanjie has been deeply engaged in the field of ternary high-rate power batteries for many years. Through years of technological research and development and innovation, the technical level in the field of high-rate subdivision has been in a leading position in the industry, and some of the technologies have reached the international advanced level. Changhong Sanjie is one of the earliest domestic enterprises to realize the mass production of 21700 model high-rate batteries, and the technical level and performance of some 18650 products are comparable to those of Samsung and other international well-known enterprises.
In terms of performance, the operating income of Changhong Sanjie from January to September in 2019, 2020 and 2021 was 421 million yuan, 745 million yuan and 1.237 billion yuan respectively, and the net profit was 77.2041 million yuan, 142 million yuan and 206 million yuan respectively.
It is worth noting that under the dual-carbon system, the new energy industry ushered in a policy dividend period. With the high-rate lithium market entering a period of strategic opportunity, Changhong energy lithium business has gradually become an important profit growth point of the company, and shows a good trend of development. In 2019, 2020 and January-September 2021, lithium business accounted for 29.42%, 37.74% and 54.83% of the company's operating income respectively (2019 and 2020 data have been audited, and January-September 2021 data have not been audited).
Changhong Energy said that through this transaction, the core team of Changhong Sanjie, which carries lithium power business, will directly hold shares in listed companies and will be able to better grasp the opportunity of the rapid development of the lithium power market. At the same time, through the acquisition of minority stake in Changhong Sanjie, the company will further aggregate high-quality lithium power assets, thicken performance, and improve part of the equity production capacity of lithium power business.
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